Core Viewpoint - NMN (β-Nicotinamide Mononucleotide) is gaining attention in the global health industry for its potential in anti-aging, DNA repair, and metabolic regulation, with significant advancements in regulatory approval and market potential expected by 2025 [1][2]. Industry Development - The NMN industry has evolved from laboratory research to commercial application, with major markets like the US, Japan, Canada, and Australia recognizing its legal status through various regulatory pathways [1][2]. - China is currently the largest producer of NMN raw materials, with leading companies building competitive barriers through technological innovation and industry chain layout [2]. NMN Definition and Function - NMN is a direct precursor of NAD+ (Nicotinamide Adenine Dinucleotide), crucial for delaying aging and enhancing physiological functions [3][4]. - Supplementing NMN can quickly elevate NAD levels in the body, playing a vital role in anti-aging, cardiovascular health, and metabolic improvement [4]. NAD+ Synthesis Pathways - NMN supplementation shows significant advantages in NAD+ synthesis pathways compared to other precursors, with the highest conversion efficiency and no known adverse reactions [6][7]. Natural Sources of NMN - Natural food sources of NMN are limited, with NMN supplements providing approximately 300 times the intake efficiency compared to dietary sources [8]. NMN Synthesis Technology - The synthesis of NMN has transitioned from chemical methods to fully enzymatic methods, focusing on high purity, safety, and environmental sustainability [10][11]. - Leading companies are innovating in full enzymatic synthesis technology, establishing competitive advantages through patent applications [12]. Industry Development Drivers: Policy - The regulatory environment for NMN is evolving, with significant progress in China towards legalization as a health food, following the approval of NMN as a cosmetic ingredient [17][18]. Industry Development Drivers: Demand - The aging population and increasing anti-aging awareness among younger generations are driving demand for NMN products, creating a substantial market opportunity [19]. Industry Development Drivers: Technology - Innovations in synthesis, quality testing, and delivery methods are driving the NMN industry towards scale, standardization, and efficiency [21][22]. Application Areas of NMN - NMN is primarily used in health supplements and cosmetics, with potential expansion into pet nutrition, medical health, and agricultural technology [24][28]. Market Size and Growth - The NMN market in China is expected to exceed 3 billion yuan by 2025, driven by policy relaxation and new applications in various sectors [28]. Sales Channels - NMN products are primarily sold through cross-border e-commerce and private channels, with cross-border platforms accounting for 60%-70% of market share [35]. Certification System - The "blue hat" certification for health foods represents the highest standard in the NMN industry in China, indicating product safety and compliance [37]. Challenges Facing the NMN Industry - Despite positive regulatory signals, the industry faces challenges such as exaggerated claims, lack of consumer awareness, and the need for technological advancements [61][63].

多场景K歌系统行业 丨研究报告 摘要： 行业发展环境 经济层面：国内宏观经济稳增及消费能力提升，稳固了文娱消费根基；国民人均收支同步增长，尤其是消费 结构中文教消费规模攀升，也有助于释放大众娱乐消费潜力。 社会层面：音乐产业规模稳步复苏，从供给端为多场景K歌系统行业提供了丰富的内容储备与发展 动能；网 络K歌凸显的用户粘性以及K歌娱乐多维健康价值，为行业注入了持续的社 会消费活力。 技术层面：国内头部K歌系统商不断加码研发投入，专利布局向智能化延伸；同时K歌系统技术实现跨越式 迭代升级，AI已可全流程赋能K歌娱乐体验，成为驱动行业突破发展的"核心引擎"。 政策层面：文旅部、中娱协、音集协三方协同发力，构筑"内容+版权"双防线；曲库版权上，国内K歌场景 已确立"二合一"版权许可机制，保障曲库版权流转和使用合法合规。 行业发展现状 中国K歌系统行业正处于生态融合期，从初始封闭娱乐场景演进至全域开放生态。并且已形成以K歌系统商 为核心的结构清晰、涵盖多类参与者的完整产业生态。 2024年中国K歌系统行业市场规模达14.5亿元，受益于车载、户外等多场景业务拓展驱动，预计未来几年里 继续维持较高增速，2028年将突破3 ...

2006年，当电子竞技尚处于萌芽阶段，一把借鉴赛车桶椅设计、专为长时间游戏而打造的座椅悄然 问世。这便是后来被广泛称为"电竞椅"的产品雏形，而它的推动者，正是 DXRacer （迪锐克 斯）。 2026年1月，艾瑞咨询过对产品演进、设计语言形成及用户认知变迁的梳理，回顾了这一细 分品类的早期发展历程。研究指出，DXRacer（迪锐克斯）于2006年率先将赛车桶椅的设计理念引 入电竞使用场景，并在2007年前后以"Gaming Chair"为名推出面向消费者的座椅产品，成为目前已 知最早系统性探索现代电竞椅形态的品牌之一。报告认为，此后电竞椅在结构特征（如高背、侧翼 包裹、可调腰靠等）和视觉风格上的主流范式，与DXRacer早期产品高度关联；其在职业电竞圈层 的早期渗透，也为品类后续向大众市场扩散奠定了认知基础。这份研究试图还原一个新兴消费品类 如何从特定需求中萌芽，并逐步融入更广泛生活场景的过程。 电竞椅行业迈向成熟发展，市场规模持续增长 随着全球电竞产业从专业赛事向大众文化加速渗透，电竞椅已发展成为重要的细分品类。截至 2025 年，预计全球电竞椅市场规模将突破 50 亿美元，年复合增长率稳定在 8%-10 ...

多场景K歌系统行业 丨研究报告 2024年中国K歌系统行业市场规模达14.5亿元，受益于车载、户外等多场景业务拓展驱动，预计未来几年里 继续维持较高增速，2028年将突破30亿元，增长态势稳健。 中国K歌系统行业正经历结构性转变，传统商用娱乐主导地位持续下滑，而家庭娱乐、车载娱乐、户外娱乐 等场景正在迅速崛起，尤其是车载和户外新场景业务有望成为行业未来增长主力。 软硬件服务业务夯实行业发展根基，付费增值业务成为推动市场规模增长与结构优化的核心动力，驱动行业 增长态势稳健且更具可持续性。 行业发展环境 经济层面：国内宏观经济稳增及消费能力提升，稳固了文娱消费根基；国民人均收支同步增长，尤其是消费 结构中文教消费规模攀升，也有助于释放大众娱乐消费潜力。 社会层面：音乐产业规模稳步复苏，从供给端为多场景K歌系统行业提供了丰富的内容储备与发展 动能；网 络K歌凸显的用户粘性以及K歌娱乐多维健康价值，为行业注入了持续的社 会消费活力。 技术层面：国内头部K歌系统商不断加码研发投入，专利布局向智能化延伸；同时K歌系统技术实现跨越式 迭代升级，AI已可全流程赋能K歌娱乐体验，成为驱动行业突破发展的"核心引擎"。 政策层面： ...

本报告利用定量问卷调研、专家访谈及桌面研究多种研究方法，综合分析了折叠屏手机行业的发展现状、市 场竞争格局、用户行为及需求，预测产品未来趋势。报告指出，全球折叠屏手机市场持续增长，尤其是中国 市场表现突出，技术进步和产业链完善推动了产品形态的多样化。在竞争格局方面，中国成为全球折叠屏手 机的主要增长引擎，市场份额呈现集中趋势，华为以较高的份额持续引领行业。用户对折叠屏手机购买意愿 不断提高，对产品功能和体验有更高要求。展望未来，折叠屏手机产品将实现从小众市场向大众市场过渡， 市场需求持续增长，硬件优化创新和软件协同生态构建和智能交互体验的提升将是关键发展方向。随着消费 者对折叠屏手机认可度提升，购买意愿增强，折叠屏手机消费将逐步实现从"猎奇尝鲜"到"信赖常用"的转 变。 折叠屏手机 丨洞察 报告 摘要： 全球智能手机市场已全面进入存量竞争 2014年-2017年期间，智能手机市场仍处于增量发展阶段，全球出货量由12.4亿部增长至14.6亿部的 峰值。自2017年起，市场进入存量竞争阶段，年均出货量下降约2.52%，至2024年全球智能手机出 货量已降至12.2亿部。 折叠屏手机成为突破市场增长瓶颈的战略方向 ...

Core Viewpoint - The industrial software industry is at a critical juncture, necessitating urgent development driven by innovation and supported by favorable policies. It serves as a core production material and key productivity for new industrialization, emphasizing the importance of self-control and supply chain security [1][4]. Industry Dynamics - The evolution path of industrial software is transitioning from tools to systems, then to platforms, and finally to genetic models, focusing on data value in the latter stages [2]. - The market is large, with a projected size nearing 300 billion yuan in 2024, but challenges such as core technology gaps and imbalanced industrial structure are prominent [1][17]. Product Development - Currently, industrial software is primarily sold as products, but it is expected to shift towards selling "intelligence" as data assets are effectively accumulated and utilized, leading to the emergence of industrial intelligent agents [3]. Development Background - Industrial software is crucial for innovation and transformation in the economy, with the shift of control from hardware to software becoming increasingly evident. The encapsulation of industrial knowledge in software is essential for optimizing production processes [4][7]. Driving Factors - Policy support and technological advancements, particularly in AI and large models, are accelerating the development and application of industrial software. Cities are introducing subsidy policies to stimulate innovation in this sector [12][14]. - Demand from enterprises emphasizes practical market needs while also considering domestic alternatives, with government and research institutions focusing on top-level planning and integration [14]. Market Characteristics - The industrial software market is characterized by a significant gap in core technologies, particularly in R&D design software, which is the most affected area by the "bottleneck" phenomenon. The imbalance in the industrial structure shows a stronger presence of management software compared to engineering software [17][19]. Industry Value Flow - The industrial software value distribution follows a "smile curve" model, where the closer to core technology, the higher the barriers and profits. The rise of data value services is expected to create new growth opportunities [30]. Profit Models - Current profit models for industrial software include software licensing, maintenance, and customized development, with ongoing exploration of platform and ecosystem revenue sharing [33]. Future Directions - The industrial software industry is expected to evolve towards platformization and genetic modeling, focusing on enhancing data flow efficiency and value. The future will see products transforming from mere tools to intelligent agents capable of autonomous task execution [48][52].

Group 1: Canned Food Industry - The State Administration for Market Regulation has released three draft national standards for canned food to enhance industry standards and applicability [3] - The canned food industry in China is diverse but lacks innovation, particularly in attracting younger consumers [3][4] - Canned food prices are generally affordable, benefiting from economies of scale and technological advancements, with the industry upgrading through self-heating products and high-end categories [3][4] Group 2: New Beverage Trends - The sugar water shop model has gained popularity among franchisees, with brands like Mai Ji Milk rapidly expanding, but faces challenges such as high costs and low-frequency consumption [5] - The market for traditional Chinese health drinks is booming, with products like red bean and barley water seeing increased sales, driven by young consumers' health consciousness [6] - The beverage market is experiencing a shift towards health-oriented products, with low-sugar and functional drinks becoming mainstream, while traditional brands face declining sales [7] Group 3: Functional and Innovative Products - Vitamin drinks are becoming essential for young consumers, especially during flu seasons, with brands like Nongfu Spring seeing significant sales growth [9] - The introduction of banana-flavored drinks by major brands reflects a trend towards health-conscious and innovative beverage offerings [10] - The global nutrition and health industry is witnessing a peak in raw material innovation, with a focus on standardized and stable ingredients [11] Group 4: Market Dynamics and Brand Strategies - The "medicinal food" trend is emerging, with a market size projected to reach 370 billion yuan, driven by policy support and technological advancements [12] - The rise of Chinese-style health drinks is creating a competitive landscape, with brands needing to address issues of standardization and supply chain integration [14] - The dairy industry is shifting focus from consumer markets to B2B opportunities, driven by the growth of new consumption formats like tea and coffee [15] Group 5: Brand Developments and Challenges - The beverage brand COMMUNE is preparing for an IPO, aiming to expand its presence despite facing challenges in same-store sales and rising costs [24] - The acquisition of the domestic soda brand Dayao by KKR marks a shift towards capitalizing on efficiency over emotional branding [25] - Dongpeng's coffee brand has rapidly gained market share, positioning itself among the top three in the ready-to-drink coffee market through strategic pricing and targeted marketing [26] Group 6: New Market Entrants and Innovations - The launch of Baoshifu's first bread store in Wuhan indicates its entry into the competitive bakery market, focusing on fresh and affordable products [27] - The Mexican baking group Bimbo is increasing investment in the Chinese market, leveraging local strategies and brand acquisitions to enhance market presence [28] - The recent leadership change at China Resources Beverage aims to optimize costs and drive new business growth amid evolving consumer trends [29]

Group 1: Canned Food Industry - The State Administration for Market Regulation has released draft recommendations for national standards for canned food to enhance industry standards and applicability [3] - The canned food industry in China is diverse but lacks innovation, particularly in attracting younger consumers, with Fujian province accounting for 36% of national production [3][4] - The industry is upgrading through the development of self-heating foods, high-end products like bird's nest canned food, and customized dining products [3][4] Group 2: New Beverage Trends - The sugar water shop has become a new franchise trend, with brands like Mai Ji Milk and Zhao Ji Chuan Cheng rapidly expanding, but facing challenges such as high costs and low-frequency consumption [5] - The Chinese herbal health water market is experiencing a sales surge due to hot weather, with products like red bean and coix seed water gaining popularity, potentially exceeding a market size of 10 billion yuan [6] - The beverage market is accelerating its health trend, with low-sugar and no-sugar products becoming standard, while traditional giants face declining sales [7] Group 3: Functional and Innovative Products - Vitamin drinks are gaining popularity among young consumers for their health benefits, with sales of Nongfu Spring's water-soluble C100 increasing by 34% year-on-year [9] - The rise of banana-flavored drinks from major brands reflects a growing market potential, leveraging high national recognition and health trends [10] - The global nutrition and health industry is set for a peak in raw material innovation and technological iteration by 2025, with a focus on standardized and stable ingredients [11] Group 4: Market Dynamics and Brand Strategies - The "medicinal food" trend is becoming a significant market, with a projected scale of 370 billion yuan, driven by policy support and technological advancements [12] - The rise of Chinese herbal health water reflects a shift in consumer behavior towards health-conscious products, but the industry faces challenges like exaggerated claims and quality control [14] - The dairy industry is shifting focus from consumer markets to B2B markets, driven by the growth of new consumption formats like tea and coffee [15] Group 5: Brand Developments and Challenges - The beverage brand Commune is preparing for an IPO, aiming to expand its presence while facing challenges like declining same-store sales and rising costs [24] - The acquisition of the beverage brand Dayao by KKR marks a shift towards capitalizing on efficiency over emotional branding, as the brand faces challenges in national expansion [25] - Dongpeng's coffee brand has achieved a market share of 14%, positioning itself among the top three in the ready-to-drink coffee market through a focus on quality and targeted marketing [26]

Core Insights - The industrial software industry is at a critical juncture, driven by the need for innovation and the urgency of development, especially in the context of China's economic transformation and the push for self-sufficiency in core technologies [1][3][17] - The market for industrial software in China is projected to approach 300 billion yuan by 2024, indicating robust growth despite challenges such as a lack of core technologies and imbalanced industrial structure [1][17] - The evolution of industrial software is characterized by a shift from tools to systems, platforms, and eventually to a genetic level, focusing on data value and efficiency [2][48] Industry Dynamics - Industrial software serves as a critical enabler for innovation and transformation in the industrial sector, acting as the "brain" and digital foundation of new industrialization [3][9] - The market is large, with significant opportunities for domestic companies to replace foreign products, particularly in the context of national policies promoting self-reliance [2][50] - The development of industrial software is slow and requires patience, but it also presents opportunities amid ongoing changes and restructuring [1][17] Market Characteristics - The industrial software market is characterized by a significant gap in core technologies, particularly in research and design software, which is crucial for engineering optimization [17][23] - The market structure shows a strong presence of management software while engineering software remains weak, indicating a need for improvement in the latter [17][19] - The demand for industrial software is driven by practical needs from enterprises, government initiatives, and the integration of research and education [14][50] Technological Drivers - The advancement of large models and AI technologies is accelerating the development and application of industrial software, supported by government subsidies aimed at fostering innovation [12][14] - The integration of AI and big models is transforming the capabilities of industrial software, enhancing areas such as code generation and human-computer interaction [43][45] Future Directions - The industrial software industry is expected to transition towards a model that emphasizes selling "intelligence" rather than just software, with products evolving into "digital engineers" capable of autonomous task execution [52][48] - The focus will shift towards platformization and the internalization of industrial knowledge into parameters and codes, enhancing the efficiency of data flow and value extraction [48][52] - Companies are encouraged to leverage head clients and policy support to drive technological breakthroughs while also exploring opportunities in mid-tier and long-tail markets [50][52]

Group 1 - The core viewpoint of the article highlights the significant changes in the Chinese liquor industry, including a shift towards premium products and a focus on consumer experience rather than social gifting [2][4][8] - In 2025, the average price of imported whiskey decreased by 19.65%, while "white spirits" saw a growth of over 40%, indicating a consumer shift towards practicality [3][4] - The wine market is experiencing a "volume decrease but price increase" trend, with a 26.85% drop in import volume but a 21.79% rise in average price, reflecting a concentration on high-quality wines [3][4] Group 2 - The white liquor industry is undergoing a deep adjustment, with distributors shifting from expansion to optimization, focusing on products that address consumer pain points [5] - High-end liquor is entering a "burden reduction" phase, with major companies implementing structural reforms to enhance channel health and sustainability [6] - The market for zodiac wines has cooled significantly, with a decrease in both launch volume and market feedback, as consumer investment interest wanes [7] Group 3 - The liquor industry is facing a fundamental restructuring, moving from "scale competition" to "value cultivation," with a focus on user relationship management and inventory control [8] - In 2025, the production of white liquor decreased by 12.1%, while beer production fell by 1.1%, and wine production saw a 17.1% decline [9] - The online liquor market is rapidly growing, with Pinduoduo's liquor business projected to reach nearly 50 billion yuan in 2025, driven by a subsidy model [10] Group 4 - The "14th Five-Year Plan" emphasizes high-quality development in the liquor industry, focusing on digital transformation and consumer experience [11][12] - Major liquor brands are intensifying competition for the 2026 Spring Festival market, implementing refined marketing strategies to enhance sales [13] - Water Well Square's collaboration with the Temple of Heaven for a New Year wine symbolizes the integration of cultural elements into marketing strategies [14] Group 5 - The high-end yellow wine brand Lanting has achieved rapid growth, with revenues nearing 200 million yuan, attributed to product matrix and quality upgrades [16] - Xifeng Liquor is focusing on brand upgrades and national layout as part of its strategic plan for 2026, aiming to enhance consumer engagement and digital marketing [17] - Jin Xing Beer is preparing for an IPO, aiming to become the first "Chinese craft beer" listed on the Hong Kong Stock Exchange, with significant revenue growth [19] Group 6 - The "牛市" beer launched by Zhenjiu Li Du has quickly gained attention in the high-end craft beer market, driven by premium ingredients and emotional branding [30][31] - Jingpai's annual technology responsibility report highlights its commitment to health-oriented products and innovation in the liquor sector [32] - Langjiu's strategic initiatives have led to record storage levels and brand value, emphasizing quality and consumer engagement [33]